Second Graduation for CMB’s Academy for Women and Finance

Compagnie Monégasque de Banque (CMB) celebrated the second graduation ceremony of the Academy Women and Finance on March 27, at which all twenty participants were awarded a diploma.

Marie-Hélène Parisi founded the CMB Academy in 2016, based on the observation that a woman may need to take on the reins of family or entrepreneurial finance in the course of her life. The Academy Women and Finance is an educational programme aimed to empower female clients to assume responsibility for the management of family wealth.

The training programme makes CMB a pioneer in the field. “It is the first Private Bank to offer such a structured academic programme to its clients,” said Werner Peyer, CEO of the bank.

Werner Peyer, CEO CMB

The nine modules completed by the participants over the course of one year enable them to take on a leading role in managing family wealth. Topics include financial markets, asset allocation, and behavioural finance covered in 27 hours of lessons.

“Our students are highly motivated,” said Ms Parisi. “Their desire to learn and their ability to understand complex mechanisms have made the session a real success.”

The Quatuor Jaëlle – a female string quartet supported by CMB and an official partner of the Philharmonic Orchestra of Monte-Carlo – provided the musical background for the occasion.

European Commissioner Pierre Moscovici claimed on Tuesday that Monaco’s signature on the landmark fiscal transparency agreement with the EU marks the end of banking secrecy in Europe…
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[ihc-hide-content ihc_mb_type="show" ihc_mb_who="reg" ihc_mb_template="" ]However, respected French daily Le Figaro responded: ”Not exactly. For if this agreement is undeniable progress, it also has limitations to circumvent it. Firstly, automatic transparency concerns the fight against tax fraud but not money laundering. Investigations into the latter area will still be subject to formal requests. Secondly, the agreement will enter into force in 2018, leaving two years for financial institutions to find new legal avenues to ensure discretion, and also allow those most in danger to move their funds.”
Eric Vernier, a specialist in the study of money laundering and tax fraud, told Le Figaro in February this year that tax transparency in practice means providing an account balance to a fixed date known in advance. Nothing prevents an account holder from transfering funds elsewhere a few days before the deadline. Then, in the case of a large company or a trust, the exact beneficiaries will be known only when they represent 25 percent of ownership. "In other words, an organisation whose accounts are located in Monaco, knowing the dates and with five shareholders with 20 percent stakes will remain almost as opaque as before the signing of the agreement.”[/ihc-hide-content]

Offering Monegasque associations the support of employees made available to them for one day is the principle behind the Citizen Days Programme, launched by CFM Indosuez Wealth Management a year ago.
Each of the 86 volunteer employees helped an association in place of a working day. In total, 21 percent of the bank's workforce took part, representing 613 hours of volunteer work.
Highly committed to corporate social responsibility, CFM Indosuez Wealth Management strengthens its commitment to non-profit associations in the Principality and builds with them a programme of support in areas consistent with their needs and common values, such as the environment, generational solidarity, childhood disability, the fight against precariousness or exclusion.
This initiative has been met with great enthusiasm by local associations, five of which benefited from Citizen Days in 2017: Fight Aids Monaco, Works of Sister Marie, No Finish Line, Les Enfants de Frankie, and the Monaco Red Cross. Thanks to the success of this year, both with associations and employees, the programme will be renewed in 2018.
The first anniversary was celebrated with a cocktail on Wednesday, December 13, at the CFM Indosuez Wealth Management branch, 11 blvd Albert 1er.
CFM Indosuez Wealth Management was named Best Bank in Monaco by the international magazine Global Finance in its 2017 awards.